aud 5 by june 2008, page-11

Hiya pezsaz

300k shares hey ? That will put you nudging the top 20 and your name in lights in the Annual Report ! The average range you gave here is quite wide. Range for me much lower, but very confident of it hitting $2 again so hang in there as puka is saying.

To answer your Q;s:
(a) Spot maybe $75USDlb in 12 months but good chance of it dipping to $45 in the s/term. But remember this, 15% of uranium sold to utilities is done by spot only. 85% by long term price, which has been $90-$95 for a long time now. Don't focus on spot, but of course the Herd will no doubt focus on spot.
(b) Assuming price of U3O8 is stable at current levels and JORCs are reasonable (won't define reasonable - as it your own opinion) and the mining licence is advanced at Manyoni, well then SP could really be $2.50 capping/valuing the company at $220m. Could get higher as time goes on with things such as allowing Thatcher to be mined, Mkuju JORC, etc. Too hard to simply put a SP on it at this stage as you would know.
(c) Mkuju looks very good indeed, and has done for 2 years now. Most annoying thing is the company never really got of its backside to do something about it. WMT and MRU always beat them to the drill rig, even though WMT tenements are adjacent. Work that out ! Poor mgt and drive is all I will say. Lets hope T Ward has given a firm mandate for JC to get Mkuju fast tracked. JC has plenty on his plate with Manyoni and Bahi playa lakes no doubt, but strike while the iron is hot and get Mkuju further explored, great grades in early samples for roll front. Easily equivalent to Mantra Resources, and look at their cap based on their Mjuku drills alone (and a smaller copper merger) . Might I add (have mentioned before) that Mantra has their tenements in Sealous Game Reserve which is World Heritage Listed I think. Check the Mantra prospectus for the fine print.

NT - Would not put emphasis on Bynoe IMO. East Alligator may be better, but who knows. Either way, I am not really focusing on NT or Bremer Basin. Tanzania is where the production action will be and Thatcher can be viewed as a deposit or asset that bigger fish may want to get their fins on !